Marginal note:Schedule III authorized foreign banks

• 14.1 (1) There shall be set out in Schedule III

  • (a) the name of every authorized foreign bank and, where applicable, any other name under which it is permitted to carry on business in Canada;

  • (b) the province in which the principal office of the authorized foreign bank is situated; and

  • (c) whether the authorized foreign bank is subject to the restrictions and requirements referred to in subsection 524(2).

• Marginal note:Amending Schedule III

  (2) Schedule III shall be amended accordingly where

  • (a) an order made under subsection 524(1) is revoked;

  • (b) any of the information referred to in paragraph (1)(a) or (b) changes; or

  • (c) the restrictions and requirements referred to in subsection 524(2) to which an authorized foreign bank is subject are added or removed.

• Marginal note:Notice of amendments

  (3) Where in any year Schedule III is amended, the Superintendent shall, within sixty days after the end of the year, cause a notice to be published in the Canada Gazette showing Schedule III in its complete amended form as at the end of the year.

Marginal note:Exemption of foreign banks

14.2 The Governor in Council may make regulations exempting any class of foreign banks from the application of any provision of this Act.

Marginal note:Corporate powers

• 15. (1) A bank has the capacity of a natural person and, subject to this Act, the rights, powers and privileges of a natural person.

• Marginal note:Powers restricted

  (2) A bank shall not carry on any business or exercise any power that it is restricted by this Act from carrying on or exercising, or exercise any of its powers in a manner contrary to this Act.

• Marginal note:Business in Canada

  (3) A bank may carry on business throughout Canada.

• Marginal note:Powers outside Canada

  (4) Subject to this Act, a bank has the capacity to carry on its business, conduct its affairs and exercise its powers in any jurisdiction outside Canada to the extent and in the manner that the laws of that jurisdiction permit.

Marginal note:No invalidity

16. No act of a bank or authorized foreign bank, including any transfer of property to or by a bank or authorized foreign bank, is invalid by reason only that the act or transfer is contrary to

• (a) in the case of a bank, the bank’s incorporating instrument or this Act; or

• (b) in the case of an authorized foreign bank, this Act.